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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.7x - 15.1x | 14.4x |
| Selected Fwd EBITDA Multiple | 9.8x - 10.9x | 10.3x |
| Fair Value | $43.03 - $48.29 | $45.66 |
| Upside | -30.9% - -22.4% | -26.7% |
| Benchmarks | Ticker | Full Ticker |
| Frequentis AG | FQT | WBAG:FQT |
| Hensoldt AG | 1HENS | BIT:1HENS |
| Airbus SE | 1AIR | BIT:1AIR |
| Safran SA | SAF | ENXTPA:SAF |
| Dassault Aviation société anonyme | AM | ENXTPA:AM |
| Leonardo S.p.a. | FINM.F | OTCPK:FINM.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FQT | 1HENS | 1AIR | SAF | AM | FINM.F | ||
| WBAG:FQT | BIT:1HENS | BIT:1AIR | ENXTPA:SAF | ENXTPA:AM | OTCPK:FINM.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.6% | 9.8% | 15.5% | 1.1% | -6.2% | 3.5% | |
| 3Y CAGR | 4.6% | 8.6% | 0.4% | 27.5% | -0.5% | 11.4% | |
| Latest Twelve Months | 28.0% | 25.6% | 11.5% | 20.6% | 32.6% | 20.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | 12.9% | 9.4% | 18.1% | 10.1% | 9.7% | |
| Prior Fiscal Year | 7.2% | 11.7% | 9.4% | 18.7% | 10.3% | 9.6% | |
| Latest Fiscal Year | 8.2% | 11.8% | 9.9% | 19.2% | 10.6% | 10.5% | |
| Latest Twelve Months | 8.2% | 11.5% | 10.0% | 19.2% | 10.6% | 10.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.27x | 5.02x | 1.53x | 3.80x | 2.13x | 1.90x | |
| EV / LTM EBITDA | 15.4x | 43.6x | 15.3x | 19.8x | 20.0x | 18.6x | |
| EV / LTM EBIT | 18.7x | 66.5x | 22.2x | 26.1x | 25.7x | 24.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 15.3x | 19.8x | 43.6x | ||||
| Historical EV / LTM EBITDA | 6.3x | 6.6x | 11.7x | ||||
| Selected EV / LTM EBITDA | 13.7x | 14.4x | 15.1x | ||||
| (x) LTM EBITDA | 1,872 | 1,872 | 1,872 | ||||
| (=) Implied Enterprise Value | 25,558 | 26,903 | 28,248 | ||||
| (-) Non-shareholder Claims * | (3,509) | (3,509) | (3,509) | ||||
| (=) Equity Value | 22,049 | 23,394 | 24,739 | ||||
| (/) Shares Outstanding | 576.4 | 576.4 | 576.4 | ||||
| Implied Value Range | 38.25 | 40.58 | 42.92 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 43.43 | 46.08 | 48.73 | 62.26 | |||
| Upside / (Downside) | -30.2% | -26.0% | -21.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FQT | 1HENS | 1AIR | SAF | AM | FINM.F | |
| Enterprise Value | 605 | 11,583 | 107,119 | 105,361 | 13,651 | 35,120 | |
| (+) Cash & Short Term Investments | 82 | 591 | 17,432 | 6,519 | 8,485 | 1,869 | |
| (+) Investments & Other | 3 | 30 | 17,640 | 2,692 | 3,039 | 0 | |
| (-) Debt | (53) | (1,519) | (14,269) | (5,078) | (238) | (4,206) | |
| (-) Other Liabilities | (3) | (13) | (91) | (549) | 0 | (1,172) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 634 | 10,672 | 127,831 | 108,945 | 24,937 | 31,611 | |
| (/) Shares Outstanding | 13.3 | 115.5 | 787.3 | 416.8 | 78.2 | 576.4 | |
| Implied Stock Price | 47.80 | 92.40 | 162.36 | 261.40 | 318.80 | 54.84 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | |
| Implied Stock Price (Trading Cur) | 47.80 | 92.40 | 162.36 | 261.40 | 318.80 | 62.26 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | |